In a recent news release, the Internal Revenue Service (IRS) announced that it intends to shift its focus to targeting wealthy individuals and business partnerships beginning in fiscal year (FY) 2024. The news release also identifies three specific “priority areas” in which the IRS intends to focus its enforcement efforts […]
Category: Audits
On September 8, 2023, the Internal Revenue Service (IRS) announced a “sweeping effort” to enhance its tax collection and enforcement efforts. Among other strategies, the announcement states that the IRS intends to “shift attention to wealthy from working-class taxpayers” while also placing greater emphasis on enforcing partnerships and partners’ tax […]
Audits conducted by the Internal Revenue Service (IRS) can have a variety of outcomes. In some cases, they can simply confirm taxpayers’ compliance with the Internal Revenue Code. In others, they can lead to liability for back taxes, interest and penalties; and, in others still, they can trigger criminal tax […]
The Internal Revenue Service (IRS) has recently issued multiple notices and proposed regulations focused on combating tax preparer fraud and cracking down on abusive tax schemes facilitated by promoters. IRS Criminal Investigation (IRS CI) has recently issued multiple press releases highlighting its efforts to target tax preparers and promoters as […]
Through its rulemaking authority, the Internal Revenue Service (IRS) has identified several types of transactions as “listed transactions.” As the IRS explains, a listed transaction is any transaction that is, “the same as, or substantially similar to, one that the IRS has determined to be a tax avoidance transaction and […]
If you’re like most high-income individuals, you rely on an accountant or other tax professional to prepare your federal tax returns. In doing so, you trust that your tax professional will do the right thing, and accurately calculate your tax liability while taking advantage of the various credits, deductions and […]
Learning that the IRS is going to audit you or your business can be incredibly stressful. You may be worried about the time or expense it will take to prepare for the audit or nervous that it will reveal mistakes or misconduct and trigger harsh penalties. However, not all audits […]
For most of us, social media has become part of our daily lives. We live publicly – broadcasting to our friends and family every achievement or exciting piece of news in our lives. It has become so commonplace, that many of us don’t give a second thought to how public […]
To cut to the chase: no. In order for you to be charged with and found guilty of fraud, the mistake has to be “willful.” You have to have what we in the legal world calls mens rea- or a guilty mind. You need a guilty mind to prove intent. What […]
There are many potential red flags on your tax return. Most of us know that the Earned Income Tax Credit is something that can provoke an audit. We’ve also talked about lifestyle triggers; buying or writing off luxury items such as sports cars and first-class international airfare when your income […]